Walt Disney Co. said it will absorb its Internet tracking stock and close the faltering Go.com Web portal (www.go.com ), the latest in a frustrating series of maneuvers to reposition the media company's Internet businesses for success.

The moves put Disney, in some ways, back where it started on the Web, focusing on the development of individual sites such as ESPN.com (www.espn.com ) and Disney.com (www.disney.com ). The company will continue to manage its Web operations collectively, making them a unit of the broader Disney...